Telsa plans to purchase Toyota’s closed plant in Freemont, California, enabling it to better prepare for the launch of the Model S in mid-2012. The new deal will also lead to Toyota and Tesla teaming up to bring an all-new electric car to market, but don’t anticipate that happening until sometime after the Tesla Model S goes into production. Also as part of the agreement, Toyota will be purchasing $50 million of Tesla’s common stock when the company goes public later this year.
[via InsideLine]
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